Millions of small and medium-sized businesses (SMBs) are the lifeblood of the global economy. Accounting for a staggering 90% of businesses worldwide, SMBs employ a significant portion of the workforce, and are a substantial contributor to global GDP. However, in today’s digital age, SMBs face a growing threat of cyberattacks.
A cyberattack is where criminals use computer networks via the Internet to attempt to collect, disrupt, deny, degrade, or destroy information system resources or the information in computers and computer networks, or the computers and networks.
While organisations may have a high-end security alarm on their business premises and vehicles, bars on windows and good locks to prevent physical criminal attacks, a cyberattack is invisible and can range from computer data breaches to ransomware infections. The consequences for a business can be devastating with financial losses, operational disruption, reputational damage, and even legal repercussions all potential outcomes. Since SMBs may not have the same robust security measures as larger corporations, they are often seen as easier targets for cybercriminals.
The good news is that SMBs can significantly improve their security posture by prioritising cybersecurity across 6 key areas.
Here’s a breakdown of these essential measures explained by Brandon Muller, technology expert and consultant for the MEA region at Kaspersky:
- Data protection: The foundation of security
Data protection refers to the safeguards implemented to shield sensitive information like personal data, financial records, intellectual property, and trade secrets. The goal is to ensure only authorised individuals can access this data and prevent unauthorised access, use, disclosure, disruption, modification, or destruction. Think of it like the passcode to the front door of your building. No code, no access.
Additionally, it’s important to note that compliance with relevant data privacy regulations. For example, French carsharing company Ubeeqo was fined €175,000 for “non-compliance with general data processing principles”.
Think of your data as your most prized possession. Safeguard it with encryption, access controls, and regular backups. Remember about these strategies as well as take care of authentication mechanisms – carefully verify the identity of users attempting to access data. Professional cybersecurity solutions might also include specific functions – for example Kaspersky offers Data Discovery feature with preset templates that allow you to easily identify confidential and sensitive information. You’ll see when it’s shared in Teams, OneDrive, SharePoint – almost any Microsoft Office 365 service – so you can enforce remediation to maintain data integrity and meet compliance goals.
- Combating the ransomware scourge
Ransomware is a type of malware that encrypts a victim’s computer files, rendering them inaccessible. Hackers then demand a ransom payment in exchange for the decryption key. Attackers who steal this data can not only sell it online but also encrypt it to leverage in a ransomware attack. If a victim fails to pay their ransom demand – the attacker publishes it out of spite. Moreover, in 2023 ransomware demand surpassed $1 billion in extorted cryptocurrency payments from victims.
Ransomware attacks can be crippling for SMBs, causing financial losses, and disrupting business operations. In 2023, Kaspersky protected more than 6,000 users associated with small and medium businesses from ransomware attacks. The invisible cost to an attack is the time spent by you and your team rebuilding the IT system, visiting your bank, to reporting it to law enforcement and your insurer, which is in reality 46 days or more.
Reputational client loss is incalculable so train your employees to recognise ransomware attempts, update software regularly, and implement robust backup strategies. Ransomware attacks are becoming increasingly common and damaging to SMBs. It’s crucial to educate staff on the dangers of phishing attempts and ensure systems are regularly updated and backed up to mitigate the impact of an attack.
- Securing the cloud: A shared responsibility
Cloud computing offers numerous benefits for SMBs such as low data storage costs and access anywhere, but it also introduces new security considerations. Two-in-three organisations are now utilising public cloud services, and many are juggling multiple cloud service providers. At the same time a lot of data breaches now occur in the cloud. Cloud security refers to the measures taken to protect data, applications, and infrastructure hosted in cloud environments.
Embrace your cloud security by choosing reputable providers with a strong track record of authentication measures, and don’t forget to put your data under a protective umbrella of encryption. There are also solutions that can monitor cloud environments for potential threats. Kaspersky’s endpoint solution enables you to regain control of the cloud with Cloud Discovery, which mitigates remote working risks by finding and restricting the use of inappropriate or unauthorised cloud resources. Sources of a potential data breach are rapidly tracked down and eliminated, again helping to maintain compliance. And if a device is lost or stolen, you can protect data with remote encryption.
- Shrinking the attack surface: Reducing vulnerability
An SMB’s attack surface encompasses every potential entry point for cyberattacks, from open ports and unsecured devices, to software vulnerabilities. Reducing the attack surface is crucial for SMBs to enhance their cybersecurity posture and minimise the risk of cyberattacks. This process, known as attack surface reduction or hardening, involves identifying and mitigating vulnerabilities while maintaining system functionality. For example, SMBs can disconnect unnecessary open ports or disable unused services to limit potential entry points for attackers.
Small businesses may be inclined to skip on cybersecurity altogether. If you have a digital footprint but are overlooking cybersecurity, such negligence may cost the business its reputation and money. SMBs can address these challenges by focusing security efforts on the most critical systems and data, while also automating routine security tasks to free up IT resources. While endpoint security is a complex solution, it can help protect businesses.
- Cyber hygiene: Everyday security practices
Poor security hygiene is a general lack of appropriate security knowledge or action, such as using weak passwords, failing to shred sensitive documents, or ignoring company policy. This kind of human error is the source of a large percentage of data breaches and something even low-skilled threat actors can capitalise on.
Cyber hygiene should be part of your team’s everyday routine, like shutting the lights off or attending the weekly company meeting, so educate employees on best cybersecurity practices, enforce strong password policies, and foster a culture of security awareness.
Traditional certifications are often associated with high cost and low applicability, besides training programs are largely enterprise focused. An SMB should choose programs tailored according to size and IT maturity level, with the most essential skills for such businesses delivered in a digestible, user-friendly package.
- Addressing staff shortages
The role of a small business owner is to identify and manage everything that keeps your customers happy and supports healthy growth, from finance and sales, to marketing, hiring, legal and compliance. Managing IT minute-by-minute and ensuring its security doesn’t fall into this remit, but when there’s a downturn, or margins are tight, IT is usually the first area to be reduced, or outsourced.
Cybersecurity staff shortages in SMBs can lead to vulnerabilities and increased risks of cyberattacks. SMBs should focus on training existing staff, outsourcing specific tasks, automating routine processes, and prioritising the hiring of skilled cybersecurity professionals to bolster their defenses and protect their digital assets and customer data.
By prioritising these six pillars of cybersecurity, SMBs can significantly enhance their defenses and mitigate the risks posed by cyberattacks. In cybersecurity, prevention is always better than cure. Implementing these measures today safeguards your business and its future tomorrow. A proactive approach to cybersecurity empowers SMBs to thrive in the digital age, ensuring the security of their data.
